Rocket Lab (NASDAQ:RKLB) stock is on the move Tuesday after the space company announced a $515 million contract with Space Development Agency.
According to a press release, this contract will have subsidiary Rocket Lab National Security handling the designing and building of 18 Tranche 2 Transport Layer-Beta Data Transport Satellites. It will also take care of the development, production, testing and operation of the satellites.
Rocket Lab points out that the $515 million payment from Space Development Agency comes in two parts. The first is a base payment of $489 million. The second is $26 million of incentives and options.
Rocket Lab founder and CEO Peter Beck said the following about the contract with Space Development Agency:
“SDA’s acquisition approach favors speed, schedule certainty, and affordability to deliver next-generation space capabilities to the nation. We’ve proven Rocket Lab is capable of delivering this across our launch and spacecraft programs and we look forward to delivering it for SDA.”
RKLB Stock Movement Today
Rocket Lab stock was initially up on Tuesday alongside the contract news. However, the company’s shares are currently down 2.3% as of this morning.
That slip comes with some 1.7 million shares changing hands. That’s still a ways off from its daily average trading volume of about 5.7 million shares.
Investors searching for more of the latest stock market stories are going to want to stick around!
InvestorPlace offers up all of the hottest stock market news worth reading about on Tuesday! Our coverage includes what’s going on with shares of Juniper Networks (NYSE:JNPR), Unity (NYSE:U) layoffs and the most recent Cyclacel Pharmaceuticals (NASDAQ:CYCC) stock news. All of that is ready to go at the following links!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
